Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ  In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term. In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Equity Bottom-Up

<ul><li>Relatively strong analyst recommendation and earnings on an upcycle trend relative to its sector</li><li>Pan Ocean is well positioned for BDI hikes in 2018, with cost-competitive vessels and 50% of bulk sales coming from spot rate</li><li>The company could benefit from <a href="https://www.smartkarma.com/entities/24493" target="_blank" data-smartkarma-citation="entities:24493:1">Suzano Papel e Celulose SA (SUZB5 BZ)</a> acquisition of <a href="https://www.smartkarma.com/entities/24497" target="_blank" data-smartkarma-citation="entities:24497:1">Fibria Celulose SA (FIBR3 BZ)</a>, already a long-term client for 10 vessels, forming the largest cellulose company in the world</li><li>Trades at 18CE* 7.1% ROE/PB versus Asian Transportation at 6.1% and offers a solid balance sheet</li><li>Risks: Lower-than-expected demand caused by tax hikes</li></ul>* Consensus Estimates

Relatively strong analyst recommendation and earnings on an upcycle trend relative to its sectorPan Ocean is well positioned for BDI hikes in 2018, with cost-competitive vessels and 50% of bulk sales coming from spot rateThe company could benefit from Suzano Papel e Celulose SA (SUZB5 BZ) acquisition of Fibria Celulose SA (FIBR3 BZ), already a long-term client for 10 vessels, forming the largest cellulose company in the worldTrades at 18CE* 7.1% ROE/PB versus Asian Transportation at 6.1% and offers a solid balance sheetRisks: Lower-than-expected demand caused by tax hikes* Consensus Estimates

Pan Ocean (028670 KP): Well Positioned for BDI Hikes

Brazil

Suzano Papel e Celulose S.A. produces and sells bleached eucalyptus kraft pulp and printing and writing paper. The Company owns and operates forest plantations in the States of Bahia and Espirito Santo.

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Suzano Papel E Celulose Sa (SUZB5 BZ)

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

Pan Ocean (028670 KP): Well Positioned for BDI Hikes

Relatively strong analyst recommendation and earnings on an upcycle trend relative to its sector Pan Ocean is well positioned for BDI hikes in...

A. Stotz Investment Research

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